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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XV: Judicial Management

430. Duties of provisional judicial manager upon appointment

 

 

A provisional judicial manager shall-

a) assume the management of the company and recover and reduce into possession all the assets of the company;
b) within seven days after his appointment lodge with the Registrar, under cover of the prescribed form, a copy of his letter of appointment as provisional judicial manager; and
c) prepare and lay before the meetings convened under section 429(b)(ii) a report containing-
i) an account of the general state of the affairs of the company;
ii) a statement of the reasons why the company is unable to pay its debts or is probably unable to meet its obligations or has not become or is prevented from becoming a successful concern;
iii) a statement of the assets and liabilities of the company;
iv) a complete list of creditors of the company (including contingent and prospective creditors) and of the amount and the nature of the claim of each creditor;
v) particulars as to the source or sources from which money has been or is to be raised for purposes of carrying on the business of the company; and
vi) the considered opinion of the provisional judicial manager as to the prospects of the company becoming a successful concern and of the removal of the facts or circumstances which prevent the company from becoming a successful concern.